智通财经APP获悉，瑞银发布研报称，维持百威亚太(01876)“买入”评级，目标价由8.2港元升至9.16港元。百威亚太管理层重申，透过改善渠道组合和品牌组合，收入增长将是今年在内地的首要任务，确认了公司地理扩张和高级化的长期策略。
公司旨在通过与经销商建立合作伙伴关系，来稳定和扩大其市占率，重点关注沿海地区，然后逐步渗透到西部或低线城市。百威亚太还计划利用其哈尔滨啤酒非糖产品推动其品牌组合从核心+向高端的升级。至于产业角度来看，管理层预计今年啤酒的销量会录低单位数的跌幅，比该行视今年整体消费者信心和支出逐渐回升的观点更为保守。
该行上调今年至2027年的平均售价预测2%至3%，以反映高级化趋势持续以及稍低的销量增长。该行亦将公司内地业务的EBITDA毛利上调219至339个基点，至36%至37%，从而带动期内纯利预测升12%至17%。
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